You have just inherited $100,000 as a lump-sum amount from your distant aunt.
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You have just inherited $100,000 as a lump-sum
amount from your distant aunt. After depositing the
money in a practically risk-free certificate of deposit
(CD) earning 5% per year, you plan to withdraw $10,000
per year for your living expenses. How many years will
your $100,000 last in view of these withdrawals? (Hint:
It is longer than 10 years!) (4.7)
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